Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 97.7% | 98.3% | — | 98.9% | 98.5% | 98.8% | — | — |
| EBITDA margin % | 5.5% | 4.3% | 0.9% | 1.9% | 1.6% | 3.1% | 1.5% | 1.7% |
| EBIT margin % | 4.7% | 3.5% | 0.2% | 1.4% | 1.1% | 1.9% | 1.2% | 1.4% |
| PAT margin % | 4.1% | -4.4% | -1.3% | 1.5% | 1.1% | 2.2% | 0.9% | 1.3% |
| Working capital | ||||||||
| Receivable days | — | — | 55 | 56 | 50 | 51 | 35 | 17 |
| Inventory days | — | — | 0 | 22 | 15 | 12 | 0 | 0 |
| Payable days | — | — | 3 | 197 | 98 | 129 | 1 | 0 |
| NWC days | — | — | 53 | -119 | -34 | -66 | 34 | 17 |
| Leverage | ||||||||
| Current ratio | — | — | 1.6 | 1.21 | 1.31 | 1.25 | 1.51 | 1.28 |
| Debt to EBITDA | — | — | 4.72 | 2.56 | 2.41 | 0.64 | 0.06 | 0 |
| Debt to equity | — | — | 0.14 | 0.22 | 0.22 | 0.11 | 0.01 | 0 |
| Interest coverage | 4.9 | 3.3 | 0.7 | 5.7 | 3.5 | 5 | 8 | 5.7 |
| Asset turnover | — | — | 2.29 | 2.53 | 2.9 | 2.92 | 5.53 | 5.39 |
| Return ratios | ||||||||
| Return on assets % | — | — | -3.1% | 3.7% | 3.1% | 6.4% | 4.8% | 7.2% |
| Return on capital employed % | — | — | 1.9% | 11.2% | 8.2% | 16.1% | 13.3% | 20.7% |
| Return on equity % | — | — | -4.5% | 6.6% | 6% | 12.8% | 12.9% | 20.3% |
Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.